Insurance company data will show that reforms need to focused in the right direction - reducing costs and increasing competition in the marketplace.

The Texas House of Representatives has passed the first significant insurance bill of the session - Senate Bill 310. This legislation requires insurance companies to submit their premium data and other information to the Texas Department of Insurance (TDI) for review. TDI will summarize the data and prepare a report to the Legislature on the state of the insurance industry in Texas within 30 days.

The Texas Coalition for Affordable Insurance Solutions (TCAIS) agrees that insurance companies doing business in Texas should disclose rates, rate changes and other appropriate information with the state insurance commissioner. Disclosure will give Texans peace of mind knowing that insurance companies doing business in Texas are financially stable and companies are treating people fairly. Disclosure is one the seven guidelines TCAIS has outlined in its insurance reform proposal. Click here to see the full proposal.

We are eager for all the information about rates and the costs that require those rates to be included in the debate on insurance reform. We are confident that once all insurance company information is put on the table and reviewed by the Commissioner, it will be very clear that insurers have suffered staggering losses in Texas for a number of years.

Legislators can then focus insurance reform efforts in the right direction --- encouraging competition among insurance providers and reducing the costs that have driven rates up such as state mandated-policy forms, fraud, and frivolous lawsuits.

Beaman Floyd
TCAIS Director